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Running catexp.sql did the trick...
Now no errors encountered during Export

Can some one elaborate as to what for is this script actually required.

I found out that this script
creates the necessary export views,
assigns all necessary privileges to the EXP_FULL_DATABASE role,assigns EXP_FULL_DATABASE to the DBA role

But what has this to do with ORA-01003 error?? Which says

ORA-01003 no statement parsed

Copyright (C) 1995, Oracle Corporation
A host language program call referenced a cursor with no associated parsed SQL statement. A SQL call (for example, OSQL3) must be used to pass a SQL statement to Oracle and to associate the statement with an open cursor. A cursor must already have an associated SQL statement if referenced in any of the following calls: DESCRIBE, NAME, DEFINE, BIND, EXECUTE,and FETCH.